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Gold CHARTS ... bitches
Gold CHARTS ... bitches
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I am looking forward for your next post, I will try to get the hang of it!
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We will make new equity lows according to my charts and my USD indicator has been giving BULLISH warnings for several months and am still expecting a dollar rally.
http://www.zerohedge.com/forum/market-outlook-0
If you can trade one krug for a Mercedes, I don't think they will be making very many Mercedes.
Looked at my account. This brutal sell-off knocked my gold and silver stock holdings, CEF, etc., back to the level of....last Friday. A whole week of gains wiped out in one day, oh boy.
I'm scared. I need to sell everything Monday.
you can look at gold as insurance . Yet to collect on my policy , paid premiums , but not dead yet so what , gold is the same to me (except it has actually paid of so far ) . forget the monthly up down ticks , scale in over the last 10 years , say 10% allocation of what you want to invest and forget about it . Trading is like trying to collect on your policy , fun for some . the irony is if it pays off big your dead or or the whole market is really screwed . Too hard to trade , scale in and patience . If you dont want insurance go play elswhere , you will probably be happier .
I haven't bought any since 6-6-06, when it was $666.60 an ounce. True story. I like silver eagles now. I'm thinking buy em @ around $17.51, if they get that low.
Notice that gold is higher now compared with the same dollar index last year. Perhaps a higher gold price is dollar positive (relatively speaking of course).
17.51 for silver eagles. I think you're pretty much driving a hard deal with a wall there.
The majority of folks who actually deal in precious metals (not ETF's and the lot) don't think like the herd. So how can graphs born of mathematics accurately reflect real-time movements in the price of gold? Note, I said "price", not "value". Only the price changes, the value is inflexible. That is why gold is real money. Charting the movement of ETF's is like charting farts to predict the wind direction and velocity.
Said it was shizel
Finanshal innovayshun
We got bejizzle
Couldn't have said it better.
You took only 9 words what it took me a whole paragraph.
Brevity is the essence of truth.
There I go again...
Ya what he said.
Institutional Advisors say the Gold price will correct up until the dollar hits the 20 or tops 50 day MA. The dollar rarely moves much higher unless you count 2008 delevering event from hell. That's about 77 DXY for the 20 day MA. If you think Goldman juices the market, they say a 20% correction. That's 88 again-near the heights of the deleveraging! The DXY corrected only near 2% yesterday.
Bernanke really set himself into a box now.
Juiced Unemployment numbers(to save his and Obama's jobs) signal the question of a rate hike. Also investment money moves to the recovery economy that's in best shape. Europe is a mess and China's numbers(2+2=30) don't ring truth. Japan is devaluing to save their imports.
Any hint of a rate hike, or a dollar resurgence will cut the carrytrade off at the pass and then there's a deleveraging short squeeze that could get near Goldman's 20% comment. That means the commodities,equities,currencies markets will sell the hell off the cover the shorts. The market craters(if banks are allowed to sell their holdings of USG stocks), credit retightens and the economy goes down with the market. The market and economy are in 100% sync right now. Employment #'s, manufacturing reports are not lagging or leading anything. They are 100% of the current moment.
These charts seem quite amateurish to deal with a complex problem
How does this sound? The charts mean that gold is going to wiggle sideways for a while now. It seems to wiggle sideways for a while and then jump up higher, and then wiggle sideways at that higher level for a while, and then jump up even higher. If you are trying to buy dips, then maybe the dips are in the wiggles.
That sounds very technical. Maybe you could be a contributor like Chopshop.
It still comes down to this: is the US moving toward recovery or toward another leg down? If you know that you can predict the price arc of gold.
show me the chart that created the universe... otherwise, get the F outta here.
$2T short-term US debt maturing, $1.5T budget deficit, $500B long-term US debt maturing, all in the next 12 months equals smoke coming from the printing presses...unless the Chinese are going to finance the whole lot! (lol) And Ben and Tim say they will remove the monetary stimulus, how?!Buy more gold during these "corrections".
Sissy's Correction is what I call this !
Anybody scared out of gold by this little blip doesn't deserve to make money.
During last year's REAL correction, from March to November, I and many others not only held our gold and silver, but bought much much more.
In fact, I bought so much more, that now my hugely long PM portfolio is up a bit over 50% from end of last year (that's with some profit taking along the way; if I had held onto it all, it would be up more), and I fully expect will go further..........much further. Today, I was down a tad over 3%.........some "correction."
BTW, those charts are gawgeous.........what do they mean exactly ? :~)
This may come out of left field for those people who spend their lives assiduously compiling or indeed "interpreting" financial charts but your slavish belief in the predictive ability of these charts is nothing more than childish superstition, on a par with astrology or reading tea-leaves. Charts are excellent tools for detailing what has happened in the past, but they are completely useless as a means of reading the future. It beggars belief that this credulous nonsense is so pervasive amongst people who consider themselves to be intelligent.
Sabremesh - I think you are exactly right except in one important respect...
If enough people believe that these charts allow them to predict the future then the way that they read the chicken entrails does affect the market. Isn't that where sudden market crashes come from, after all? The fundamentals don't change in an hour but people's expectations can...
Amen.
Sabermesh, I live in left field. The charts are beautiful but don't mean squat to me.
Like MM17 above, I have been buying physical since the early 90s. It seems everyone here at ZH is a trader of some sort. I do trade stocks and ETFs, but, like the land I have accumulated over a lifetime, I never sell gold.
So the price of gold or land is immaterial to me. I just buy with money I do not expect to need in my lifetime.
In the old days this was called "buy and hold".
Has 'buy and hold" for gold now become just as ignorant as "buy and hold(hope)" for equities?
I think not, but I invite those who think otherwise to enlighten me.
PS - When I can trade a Krugerrand for a new Mercedes, I might part with a few coins.
Yeah I know what your saying Sabremesh, but he has a "proprietary Elite Oscillator", trademarked no less. Just on this alone I'm going to dump my KGC and IAG. What was I thinking?
Dollar up another 2 % on Monday?.....think there could be big selling in Emerging Markets Sunday night.... buy UUP breakout above 23...
Ok. I don't understand this crap.
Japs sell 100 billion in bonds on market.
Primary dealers obligated to buy. Yen plummets and every currency rises except for euro.
Means primary dealers all scramble to get dollars. They do it by yanking 78 billion out of the GOLD etf of about 65 million shares. This plummets gold 50 dollars which is connected to comex by the ETF HOW? Does crimex feed ETF? Not that the primary dealers are selling anything really. They are just dumping the paper receipts for cash.
So dollar bounce is in japanese and chinese hands. If they dump treasuries the scramble for dollars crashes us. So they dump dollars dollars dollars then mop up dump treasuries, dump dollars dollars dollars mop up dump more treasuries. etc etc.
The ETF is now acceptable for delivery into Comex. Now a fund is deliverable into a derivative.
Like an ass is accepting the kicking foot?
"This plummets gold 50 dollars which is connected to comex by the ETF HOW?"
It depends on the meaning of that massive disappearance of bars from the GLD bar list for 10 days. Istead of CRIMEX feeding ETF it might have been the opposite. Einhorn certainly didn't like what he saw under the hood, and I believe time will again prove him to be gutsy and astute.
weekly and monthly charts both show higher high and higher lows, cannot see this gold turning around uptrend. daily chart is weak, but we already know that due to seasonality, so next few days would be turbulent and some weak leveraged plays would get a strong shake.
Thanks for posting the charts and comments about the price action. I was in this today for about 90 minutes. Everyone is really on edge (except you know who).
Ummm, why didn't you include the volume? Well whatever. Gold goes down, I buy more physi and a few options contracts. Gold goes up I smile.
Thanks for the post. I appreciate ideas for trading this volatility.
I thought they were dumping ETFs to bring price down, then buy the real thing.
Gold is rare. The shakedown is supposed to scare newbies and small fry investors to run into the exchanges and dump their physical.
They couldn't possibly legislate a proper confiscation of physical gold so they try and crash the price.
The end is the same. The gold is supposed to get into the "right" hands.
If it doesn't work and the sheeple hold on to their physical gold, the confiscation debate will start.
Certainly my eyesight sucks but still, I don't see how the US Government can sell gold coins to it's citizens and then a few years later decide on confiscation.
Unfortunately, I need not presume anything rational from our feckless fearless leaders.
It's most likely that Benny and Timmy were getting just a tad bit alarmed over various issues. Most importantly, issue #1 being their jobs and issue #2 being the threat of gold to the value of their digital scrip known as $Uncle $Buck.
Their sincere, aaaaaackkk, haaack, cough........concern over what was happening to their "strong $Dollar$ policy" was, no doubt, giving them fits of insomnia. They needed a solution and Ambien just wasn't cutting it. No problemo, just gin up the labor statistics and they win the Trifecta. They get to claim that, being the geniuses they are, their policies are working and who'd want to change horses when the damn proof of how effective they are is right there! They get to throw a bone to the Chinese and everyone else whose screeching about the devaluation of $Uncle Buck$ has been jangling their nerves. Finally, they get to put the smackdown on the barbarous relic, gold.
Having been long physical gold since 2002, I've seen dozens of these brutal daily selloffs. This one, pleases me to no end. The beautiful run up of the last 5 weeks was going parabolic and in my opinion, it's just not time yet for a final maniacal parabolic spike and blow off top. The shake out of weak hands that have been late to the party and the resultant tamping down of the frenzied talk about gold is just what the doctor ordered, IMO.
Ya what's funny is the FED is simply borrowing the contents of Fort Knox. They emptied it with leases and then simply tell the stupid politicians. Look the gold is gone. You spent it!!! You HAVE TO HAVE US OR IT ALL FALLS APART. Not knowing that US government could go on the mother of all rape pillage and repatriate our gold parties. Right down to the yanking of fillings out of Rothchild and Rockefellers worthless heads. There's a subtle controlling force present in the world. Time to jump in it's face and show it crazy and uncontrollable.
Tend to agree with your gold comments. But if I were Benny or Timmy I certainly would not worry about "their jobs." They will make 10x+ what they are making now as soon as they walk out the door.
Spot on MM17
I will re-visit this post in about a week or so when Gold has made some new highs and see where your red dots are then.
exactly. Soon as tbill auction are over. Cheers to PPT
you are doing a heck of a job Bernanke! Somebody is manipulating the markets, gold silver. Awh hell this aint no market, its a criminal enterprise.
Economy will encourage the Mad Max lifestyle. Getting my crewcab ready now. Looking for j6p and his m60.
Nice charts, and ignore those that only complain and bring nothing to the table
read charts , put brain in on position , trade accordingly
the charts mean nothing at this point....buy at the 50 day ma. by the time the actual price approaches it, will be around 1100
Agreed, or even wait on Goldman to spike it through to throw out all the trend followers.
So it's headed for 1189 monday?
yeh.. you don't need your elite mastrubator (oh Freudian slip)... to tell that market massive overextended (look at RSI or MACD)... tell me something i don't know...
http://www.livevideo.com/video/2D2DB4C93B674E548053D3EC95EE87AA/quality-...
the last time I checked neither the RSI or MACD gave timely signals like that oscillator appears to...to me they are just a bunch of squiggly lines that have been "overbought" for a long time now
that is ok with me. you can continue to play games with paper gold as long as you wish. it is a free country but it means nothing to the physical market. everytime gold goes into correction the chinese and the indians and others are going to buy up what they can. we shall see how long this (cough, couph) convenient correction takes this time around. i suspect not long. the chinese put is still alive and well. they want to dump those worthless us dollars and get something that really means something. its gold bitches, its gold......